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Binance

#3
This thread will probably age well.

Up until a few weeks ago, I had quite a few rubles held there from earlier this year but getting assurance emails every week about how everything is rosy didn't fill me with confidence.
 
#4
polonieth said:
This thread will probably age well.

Up until a few weeks ago, I had quite a few rubles held there from earlier this year but getting assurance emails every week about how everything is rosy didn't fill me with confidence.
Click to expand...
it rather smells fishy when a "bank" feels there is a reason to reassure clients that their deposits are there :D
I love this, 2023 will be great year
 
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#7
I never trusted Binance for the following reasons:

1. CZ is not a trust worthy person, in his early days he was involved in a lot of scam ventures and pump and dumps. Back then Binance used to promote literal shitcoins on their platform (Bytecoin for example) hoping to cause massive price action and cashed in by dumping on their own users.

2. The company is structured like a rogue/criminal venture, ownership is obscure, they change HQ locations constantly hoping to evade regulations and delay potential lawsuits. Even the Department of Justice is struggling to identify executives other than CZ in their investigations. Same playbook as Tether/Bitfinex. I don't mind these set ups when you're a lone wolf trying to protect your money, but when you have billions in customer deposits, this becomes a problem.

3. They can't pass a basic financial audit, Mazars had to drop audits for crypto clients because Binance PRESSURED them to adopt "agreed upon procedures" for the audit, making it not really an audit in the end. When an auditor cannot do their jobs independently and has the company execs breathing down their necks to produce the desired results, it means the numbers are s**t and the company is not doing good financially. CZ's excuse is that crypto exchanges are supposedly too difficult to audit for Big 4 firms yet Coinbase gets audited by Deloitte.

4. CZ had very close ties to Tether/Bitfinex for a while and those 2 entities are the sketchiest in the space.

5. The feds are onto them for various counts of money laundering, sanctions violations, false reporting, etc. Binance was built with dirty money and their success relied on accepting money from every sources while being extremely lax on KYC. While i couldn't care less about them being a laundromat (Banks are too, you know ?), combining this with the fact that audits are near impossible to do with them and you get the typical collapse scenario.

6. Their BNB ecosystem is mostly manipulated by Binance itself. A lot of their profits are funneled into "pumping" BNB and creating value out of thin air. Profits dwindle and watch BNB crash to the ground.
 
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#9
Praetorian said:
I never trusted Binance for the following reasons:

1. CZ is not a trust worthy person, in his early days he was involved in a lot of scam ventures and pump and dumps. Back then Binance used to promote literal shitcoins on their platform (Bytecoin for example) hoping to cause massive price action and cashed in by dumping on their own users.

2. The company is structured like a rogue/criminal venture, ownership is obscure, they change HQ locations constantly hoping to evade regulations and delay potential lawsuits. Even the Department of Justice is struggling to identify executives other than CZ in their investigations. Same playbook as Tether/Bitfinex. I don't mind these set ups when you're a lone wolf trying to protect your money, but when you have billions in customer deposits, this becomes a problem.

3. They can't pass a basic financial audit, Mazars had to drop audits for crypto clients because Binance PRESSURED them to adopt "agreed upon procedures" for the audit, making it not really an audit in the end. When an auditor cannot do their jobs independently and has the company execs breathing down their necks to produce the desired results, it means the numbers are s**t and the company is not doing good financially. CZ's excuse is that crypto exchanges are supposedly too difficult to audit for Big 4 firms yet Coinbase gets audited by Deloitte.

4. CZ had very close ties to Tether/Bitfinex for a while and those 2 entities are the sketchiest in the space.

5. The feds are onto them for various counts of money laundering, sanctions violations, false reporting, etc. Binance was built with dirty money and their success relied on accepting money from every sources while being extremely lax on KYC. While i couldn't care less about them being a laundromat (Banks are too, you know ?), combining this with the fact that audits are near impossible to do with them and you get the typical collapse scenario.

6. Their BNB ecosystem is mostly manipulated by Binance itself. A lot of their profits are funneled into "pumping" BNB and creating value out of thin air. Profits dwindle and watch BNB crash to the ground.
Click to expand...
Also their terms that you are not allowed to open direcly a lawsuit should binance scam you but you are forced to open an arbitrage case in singapore for which you have to prepay 60-90k to get the case reviewed.
I think its says everything how binance is protecting itself against lawsuits and being myself a victim of binance that they didn't let me out of margin when market went down by disabling the closing button so you take all the loss.They clearly do position monitoring of their customers and bet against them.
You can see that practise even at smaller dumps which clearly shows its not an overloaded server but programmed for purpose.
Same goes with disabling withdraws/deposit every time something big happens so you can't benefit from a scam.
 
#10
Praetorian said:
I never trusted Binance for the following reasons:

1. CZ is not a trust worthy person, in his early days he was involved in a lot of scam ventures and pump and dumps. Back then Binance used to promote literal shitcoins on their platform (Bytecoin for example) hoping to cause massive price action and cashed in by dumping on their own users.

2. The company is structured like a rogue/criminal venture, ownership is obscure, they change HQ locations constantly hoping to evade regulations and delay potential lawsuits. Even the Department of Justice is struggling to identify executives other than CZ in their investigations. Same playbook as Tether/Bitfinex. I don't mind these set ups when you're a lone wolf trying to protect your money, but when you have billions in customer deposits, this becomes a problem.

3. They can't pass a basic financial audit, Mazars had to drop audits for crypto clients because Binance PRESSURED them to adopt "agreed upon procedures" for the audit, making it not really an audit in the end. When an auditor cannot do their jobs independently and has the company execs breathing down their necks to produce the desired results, it means the numbers are s**t and the company is not doing good financially. CZ's excuse is that crypto exchanges are supposedly too difficult to audit for Big 4 firms yet Coinbase gets audited by Deloitte.

4. CZ had very close ties to Tether/Bitfinex for a while and those 2 entities are the sketchiest in the space.

5. The feds are onto them for various counts of money laundering, sanctions violations, false reporting, etc. Binance was built with dirty money and their success relied on accepting money from every sources while being extremely lax on KYC. While i couldn't care less about them being a laundromat (Banks are too, you know ?), combining this with the fact that audits are near impossible to do with them and you get the typical collapse scenario.

6. Their BNB ecosystem is mostly manipulated by Binance itself. A lot of their profits are funneled into "pumping" BNB and creating value out of thin air. Profits dwindle and watch BNB crash to the ground.
Click to expand...

long story short... Saylor is right

to be fair, this applies to massive part of the industry
 
#13
So you say Binance is the next one to shut their doors ?
 
#14
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#15
JohnnyDoe said:
99bitcoins.com

Bitcoin Obituaries - "Bitcoin is Dead" Declared 400+ Times

Until today "Bitcoin is dead" was declared more than 400 times. This is the official source for all Bitcoin obituaries since 2010.
99bitcoins.com
Click to expand...
That remains to be seen. Bitcoin might not die but it will play the role of an extra - not really relevant for the success of a movie.
BTC is no longer profitable/interesting due it's enormous energy consumption -> Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep mining
It is on the way of becoming obsolete like a paddle steamer or a stagecoach.
 
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